While reading one of the news related to cryptocurrency in India, a thought came in my mind - "Capped freedom!" I understand the problem that a fiat currency can face if we let the bitcoin unlocked, things will go crazier and there will be no barrier or no stoppage in-between. There is yet to be any news on the cryptocurrency status in India. It seems like we are enjoying capped freedom - freedom with clause. Although it is a good thing to have certain bars when it comes to basic things such bars do not go hand to hand. Money is one of the things which are under the bars when it comes to investing as per will.
A smaller fraction of the total population of India is actually demanding for freedom from such bars. And the second thing is that officials must declare their stand on what they think about cryptos and how they are going to control people who are still interested in investing their life earning in this. The first point that Indian government pointed and even SEC of USA is the safety of the investors and the assets that they are buying or keeping. From all these recent events and stand of GOI, I feel like a little bit of free-hand must be given to check about the possibilities.
One thing is sure that a group of Indian developers sure likes the blockchain and they wanted to build blockchain apps. Transparency, Immutable, protocols are proving like standards which were uncleared on the previous Internet applications. But as time is passing people are beginning to adopt such protocols and standards to build apps and services out of them. I do get scared on the second side where things will get crazier and a lot hard to understand, it may collapse the economy, but things will get replaced as we understand the best way to use it and try to align it with the existing bodies like traditional standards that we are following in fiat environment.
I am still waiting for the GOI stand to ensure the righteous way of investing and trading cryptos in India.